Get all the answers to your questions about FTX taxes including FTX US taxes and reporting, including transaction statements, FTX profit and loss calculations, trade exports and more.
How to prepare FTX taxes
Need to prepare your FTX taxes but not sure where to start? Wherever you live - your local tax office wants to know about your FTX transaction history, including your profit and loss, income and expenses. So to get started with your FTX taxes - you'll need your complete FTX transaction history. Don't stress - this is easy to get hold of in your FTX account or by using a crypto tax app. We're looking at both.
How to download & export FTX trading & transaction history
You can download and export your FTX trading and transaction history within your FTX account. There's two ways to do it and one is much easier than the other!
- Use the FTX tax report API with crypto tax software. If you use the FTX tax reporting API with a crypto tax app - all your FTX transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate FTX and Koinly here. For US residents using FTX US, follow these instructions instead.
- Export FTX transaction history in a CSV file. You can download a CSV file of your FTX transaction history when you're logged into your FTX account. Then you can either upload this to a crypto tax app or do your FTX taxes manually.
Here's how to get your FTX trade history export.
Log in to FTX and select your profile in the top right corner. You'll need to download CSV files to cover all of your different kinds of transactions. So this could include your order history, trade history, PnL and any rewards. You can find these in the drop down menu under your profile. Once you're on the relevant page, select download.
Does FTX provide a tax report?
No, FTX does not provide a tax report.
However, you can use your FTX transaction history with a crypto tax app to automatically generate an FTX tax report.
The simplest way to do this is with the FTX tax report API. This fetches all your transaction history for you, meaning you don't need to download multiple CSV files. The FTX tax report API is read-only, so your chosen crypto tax app won't have access to your account - it can just view your transactions.
If you'd rather avoid the FTX tax report API, you can download the CSV files of your FTX trading history instead by following the steps above. You can upload these CSV files to your chosen crypto tax app, or manually calculate your crypto taxes yourself.
Does FTX supply a financial statement?
Yes. Your FTX transaction history is your FTX financial statement. Your FTX account statement includes your complete trading history on FTX, which you can use to create an FTX tax statement to submit to your local tax office.
Follow the steps above to see how to get your tax statement from FTX. Remember - you'll need your complete FTX trading history, for however long you've had the account so you can calculate your short and long-term gains correctly. Otherwise, you might end up paying more tax than you needed to!
Once you have your FTX statement, calculate your crypto taxes manually or upload your FTX financial statement to a crypto tax app to fetch a FTX tax statement in minutes.
How to generate an FTX tax form
You can generate a FTX tax form one of two ways - through a crypto tax app or manually. Let's look at both.
If you're DIY-ing your crypto taxes - your tax office want to know about all your taxable transactions on FTX, including gains and losses from selling, swapping, spending or gifting crypto. Your tax office also wants to know about any income you've made from crypto - for example through mining, staking or airdrops. Take all this information and include it in your annual tax return. The amount of information you'll need to include varies depending on where you live. Some tax offices only want to know about your net capital gains or losses and any additional income, while others want a more detailed breakdown of each taxable transaction.
If you'd like to avoid all the manual labor, use crypto tax software to automatically generate your FTX tax report for you. Use the FTX tax report API or upload your FTX transaction history CSV file and upload it into a crypto tax app and you're done. Our crypto tax software can even generate pre-filled tax reports based on your location and your local tax authority - for example, a pre-filled IRS Form 8949 and Schedule D - saving you hours!
FTX CSV exports
Need to get your FTX CSV export in time for the tax deadline? No worries.
Log into FTX and select your profile in the top right corner. You'll see all the different types of transactions you've made in the drop down menu and you can download a CSV file to cover all the different kinds of transactions you've made on FTX, for example your order history CSV file, trade history CSV file, PnL CSV file and rewards CSV file.
Remember, you need to ensure your CSV file covers the entire period of time you've been using FTX - not just the specific financial year you're reporting on. This is so you can calculate your short-term and long-term gains accurately.
FTX tax API
If you're using crypto tax software instead, the easier option is just to use the FTX tax API. It takes less time, there's no fiddling around with multiple CSV files and it's easy to do.
Just log in to FTX and select profile from the top right corner, then settings from the drop down menu. Then select API, and create a read-only API key. Copy the API key and API secret and paste these into your chosen crypto tax app. Done!
Does FTX provide an end of year statement?
No, FTX does not provide an EOFY statement.
However, your FTX CSV files can work as your FTX end of year statement. Follow the instructions above to create this.
Does FTX report to the IRS?
FTX stopped operating in the US due to the strict regulations around crypto prediction contracts. This is why FTX US was set up.
We can assume from this that FTX have been under considerable scrutiny by both the IRS and other financial authorities in the US. While FTX have not confirmed that they report to the IRS - it is highly likely that they have faced the same pressures other large crypto exchanges have to share customer data to ensure tax compliance.
The best way to remain tax compliant with the IRS is to report your crypto taxes accurately.
Does FTX report to tax authorities?
The IRS isn't the only tax office cracking down on crypto. Other tax authorities like HMRC, the ATO and the CRA to name just a few are also putting the pressure on crypto exchanges to share customer data to ensure tax compliance.
While FTX hasn't confirmed which tax authorities it has had data requests from - as one of the largest crypto exchanges in the world, it is highly likely they report to tax offices around the world.
If you’ve been wondering is Koinly a FTX tax calculator tool, the answer is, yes! Not only can Koinly import FTX transaction history, but Koinly can also calculate your FTX taxes in a format that makes sense for your country’s tax office. As an FTX tax calculator, Koinly is able to a bunch of impressive tasks that save you time and can even save you from paying too much taxes.
- Koinly will import all your FTX trades including purchases, sales, swaps, income and more!
- Koinly will then convert your FTX transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
- Finally, Koinly works out which of your FTX trades are taxable, and which are not - calculating your FTX gains/losses, crypto income and more. All of this is really important for being able to submit an accurate FTX tax return to your tax office.
Sign up free and try our FTX tax software today.